What is Risk Management?
It is a process of identifying, assessing, and minimizing threats to a company's capital and earnings. These threats could stem from various sources including financial uncertainty, legal liabilities, hazards, management errors and omissions, natural disasters, data/cyber related risks, etc.
Risk assessment should be conducted when?
It all depends on the business. Most think once a year is enough, but in reality it truly isn't. It is an ongoing process of monitoring and regulating the internal and external conditions that may harm the business.
Doesn't technology prevent risk?
It could, but it also can cause risk. The truth is that there is no commonly accepted way to measure risk exposure. You need to be proactive and minimize it by using several tools in the play.
Do I need Risk Management?
All businesses need it. Without it, a company can't define its future existence. If there's no identification, no consideration of prevention then the chances magnify that your company will eventually lose direction if any risks hit home.